Gap Manager Indicator MT4

Gap Manager Indicator MT4

Summary

The Gap Manager indicator displays a signal on the chart whenever a gap is detected.

Indicator Criteria:

  1. Standard: picks up Inside Bar Gaps and Window Gaps.
  2. Inside Bar Gaps only.
  3. Window Gaps only.

The user can select the size of the gap to scan for. The signal is shown as a green dot under the gapping candle for a gap up and as a red dot above the gapping candle for a gap down. An option is available to remove the signal from the chart if the market retraces and closes the gap.

An option is also available to draw a line on the chart to show the level at which a gap was closed. For an unclosed gap it can draw a Target Line on the chart showing the level at which the gap will be closed (based on either the close price or high/low price).

Key Benefits

Gaps can often form in a market due to strong price action. These gaps can be an indication of a momentum or a change in direction. Also, when a gap forms, markets may retrace to close that gap. This indicator allows you to scan your chart to see where gaps have occurred and how this affected the trend.

This indicator is useful to see where gaps have occurred and where they have been closed. In addition, it allows you to see “Target Lines” which are potential areas for retracement to close the gap.

 

For full indicator details and inputs visit the indicator page HERE

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